Commissioners of Commerce and Higher Education Give High Marks to Financial Capability Month and Planning for Higher Education Tuition

April 07, 2014

For Immediate Release:

SAINT PAUL, MN – As national student debt rises above the $1 trillion mark, the value of good tips for paying for higher education are also rising sky-high. That is why Commerce Commissioner Mike Rothman and Higher Education Commissioner Larry Pogemiller sat down for this special Financial Capability Month installment of the Minutes with Mike podcast series – to provide needed facts and resources for parents and students to help achieve their education goals without sinking in debt.

“Good preparation for college is key – both in the classroom and in saving for school,” said Commerce Commissioner Mike Rothman. “Strong financial capability is an important step for students as they plan their future and aim for success and financial security throughout life.”

Although, tuition is an investment, increased demand for educated workers is strong and will continue to grow. By 2020, 74 percent of Minnesota jobs will require education beyond high school to match the workforce demand in our state. Many future job openings will require a certificate, two-year degree, or four year degree. Post-secondary education has been proven as a valuable investment. A recent study by Pew Research Center reports that young college graduates outperform their peers who have less education in job satisfaction, employment, and financially.

For many Minnesotans, planning for a post-secondary education is one of the first “money moments” they encounter.

“With the right preparation, a postsecondary education can be within reach for every student,” said Higher Education Commissioner Pogemiller. “Starting to save early, taking the right courses in high school and exploring scholarship opportunities are all important steps to getting the education you need without taking on significant debt.”

The Minnesota Office of Higher Education provides information about the options in preparing and paying for college. Visit OHE’s website for tips on preparing for college, choosing a college, and how to pay for college. While you’re there, check out the Paying for College videos that help demystify how Minnesota families can finance a college education.

Saving in the event of an emergency or for a long-term goal, like college, can provide security and stability in your financial life. Visit the Commerce Department’s blog for more information on how to make the most of your “money moment” and related resources that can help you locate your nearest financial institution or credit union.

Financial capability is a life-long learning process and each life stage requires new financial knowledge. The Department of Commerce’s website has specific information for young adults that takes the mystery out of insurance products. Similar to planning ahead for education costs, purchasing the appropriate insurance protects consumers from future accidents and costs.

We are here to help

Consumers with questions about insurance or if you believe you have been a victim of a scam or fraud, call the Commerce Department’s Consumer Response Team 651-539-1600 or 1-800-657-3602.